US Foods improves Q4 and FY 2021 sales

In its latest earnings report, US Foods Holding Corp. said it improved sales and earnings for its fourth quarter and 2021 fiscal quarter, thanks to restaurant sales growth and double digit food inflation.

US Foods among nation's largest foodservice distributors, which also includes Sysco and Perfromance Food Group Co., parent of vend product distributor Vistar. All three reported higher earnings in their recent quarterly financial results.

U.S. Foods fourth quarter 2021 highlights

• Total case volume increased 6.3%; independent restaurant case volume increased 13%. Excluding the extra week, total case volume increased 13% and independent restaurant case volume increased 20.6%.
• Net sales increased 24.5% to $7.6 billion.
• Gross profit increased 23.2% to $1.2 billion.
• Net income available to common shareholders was $59 million.
• Adjusted EBITDA increased 50.6% to $262 million. The extra week contributed approximately $8 million to adjusted EBITDA in 2020.
• Diluted EPS was $0.26; adjusted diluted EPS was $0.38.

U.S. Foods fiscal year 2021 highlights

• Total case volume increased 16.9%; independent restaurant case volume increased 28%. Excluding the extra week, total case volume increased 18.8% and independent restaurant case volume increased 30.2%.
• Total organic case volume increased 14.8%; independent restaurant organic case volume increased 25.1%. Excluding the extra week, total organic case volume increased 16.6% and organic independent restaurant case volume increased 27.1%.
• Net sales increased 28.8% to $29.5 billion.
• Gross profit increased 25.2% to $4.7 billion.
• Net income available to common shareholders was $121 million.
• Adjusted EBITDA increased 63.1% to $1,057 million.
• Diluted EPS was $0.54; adjusted diluted EPS was $1.55.